Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 31, 2021 | Feb. 10, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001502377 | |
Entity Registrant Name | Contango ORE, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-35770 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 27-3431051 | |
Entity Address, Address Line One | 3700 BUFFALO SPEEDWAY, SUITE 925 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77098 | |
City Area Code | 713 | |
Local Phone Number | 877-1311 | |
Title of 12(b) Security | Common Stock, Par Value $0.01 per share | |
Trading Symbol | CTGO | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 6,745,750 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Dec. 31, 2021 | Jun. 30, 2021 |
CURRENT ASSETS: | ||
Cash | $ 21,867,982 | $ 35,220,588 |
Restricted cash | 231,000 | 0 |
Prepaid expenses and other | 1,351,429 | 515,635 |
Income tax receivable | 278,126 | 198,126 |
Total current assets | 23,728,537 | 35,934,349 |
LONG-TERM ASSETS: | ||
Investment in Peak Gold (Note 4) | 0 | 0 |
Property & Equipment, net | 13,628,324 | 36,531 |
Total long-term assets | 13,628,324 | 36,531 |
TOTAL ASSETS | 37,356,861 | 35,970,880 |
CURRENT LIABILITIES: | ||
Accounts payable | 396,444 | 26,268 |
Accrued liabilities | 174,052 | 195,837 |
Note payable | 6,250,000 | 0 |
Total current liabilities | 6,820,496 | 222,105 |
NON-CURRENT LIABILITIES: | ||
Advance royalty reimbursement | 1,200,000 | 1,200,000 |
Asset retirement obligations | 222,486 | 0 |
Contingent consideration liability | 1,847,063 | 0 |
Total non-current liabilities | 3,269,549 | 1,200,000 |
TOTAL LIABILITIES | 10,090,045 | 1,422,105 |
COMMITMENTS AND CONTINGENCIES (NOTE 13) | ||
SHAREHOLDERS’ EQUITY: | ||
Common Stock, $0.01 par value, 45,000,000 shares authorized; 6,809,246 shares issued and 6,806,654 outstanding at December 31, 2021; 6,675,746 shares issued and outstanding at June 30, 2021 | 68,092 | 66,757 |
Additional paid-in capital | 71,742,871 | 69,509,606 |
Treasury stock at cost (2,592 shares at December 31, 2021; and 0 at June 30, 2021) | (69,307) | 0 |
Accumulated deficit | (44,474,840) | (35,027,588) |
TOTAL SHAREHOLDERS’ EQUITY | 27,266,816 | 34,548,775 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 37,356,861 | $ 35,970,880 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Dec. 31, 2021 | Jun. 30, 2021 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 45,000,000 | 45,000,000 |
Common stock, shares issued (in shares) | 6,809,246 | 6,675,746 |
Common stock, shares outstanding (in shares) | 6,806,654 | 6,675,746 |
Treasury stock, shares (in shares) | 2,592 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
EXPENSES: | ||||
Claim rental expense | $ (157,163) | $ (55,809) | $ (306,973) | $ (76,637) |
Exploration expense | (1,219,437) | (4,800) | (2,165,682) | (4,800) |
Depreciation expense | (8,933) | 0 | (13,715) | 0 |
Accretion expense | (3,560) | 0 | (3,560) | 0 |
General and administrative expense | (2,796,664) | (2,602,590) | (4,766,933) | (6,127,582) |
Total expenses | (4,185,757) | (2,663,199) | (7,256,863) | (6,209,019) |
OTHER INCOME/(EXPENSE): | ||||
Interest income | 494 | 705 | 991 | 919 |
Interest expense | 53,224 | 0 | (3,380) | 0 |
Loss from equity investment in Peak Gold, LLC (Note 4) | (743,000) | (1,123,452) | (2,188,000) | (1,371,252) |
Gain on sale of a portion of the equity investment in Peak Gold, LLC | 0 | 39,642,857 | ||
Total other income/(expense) | (689,282) | (1,122,747) | (2,190,389) | 38,272,524 |
INCOME/(LOSS) BEFORE TAXES | (4,875,039) | (3,785,946) | (9,447,252) | 32,063,505 |
Income tax (expense)/benefit | 0 | 571,901 | 0 | (1,834,925) |
NET INCOME/(LOSS) | $ (4,875,039) | $ (3,214,045) | $ (9,447,252) | $ 30,228,580 |
NET INCOME/(LOSS) PER SHARE | ||||
Basic and diluted (in dollars per share) | $ (0.72) | $ (0.53) | $ (1.41) | $ 4.79 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ||||
Basic and diluted (in shares) | 6,751,581 | 6,042,150 | 6,716,076 | 6,309,482 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income/(loss) | $ (4,875,039) | $ (4,572,213) | $ (3,214,045) | $ 33,442,625 | $ (9,447,252) | $ 30,228,580 | |
Adjustments to reconcile net income/(loss) to net cash used in operating activities: | |||||||
Stock-based compensation | 2,278,160 | 1,902,058 | |||||
Depreciation expense | 13,715 | 0 | |||||
Accretion expense | 3,560 | 0 | 3,560 | 0 | |||
Loss from equity investment in Peak Gold, LLC | 743,000 | 1,123,452 | 2,188,000 | 1,371,252 | |||
Gain on sale of a portion of the equity investment in Peak Gold, LLC | 0 | (39,642,857) | |||||
Changes in operating assets and liabilities net of assets and liabilities acquired: | |||||||
Increase in prepaid expenses and other | (721,162) | (340,517) | |||||
Increase (decrease) in accounts payable and accrued liabilities | 337,558 | (619,847) | |||||
Decrease (increase) in income tax receivable | (80,000) | 1,834,925 | |||||
Increase in advance royalty reimbursement | 0 | 1,200,000 | |||||
Net cash used in operating activities | (5,427,421) | (4,066,406) | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Cash invested in Peak Gold, LLC | (2,188,000) | (1,371,252) | |||||
Acquisition of property and equipment | (13) | 0 | |||||
Cash paid for acquisition of Alaska Gold Torrent, LLC, net of cash received | (5,393,305) | 0 | |||||
Cash proceeds from the sale of a portion of the equity investment in Peak Gold, LLC | 0 | 31,200,000 | |||||
Net cash provided/(used) by investing activities | (7,581,318) | 29,828,748 | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Cash paid for shares withheld from employees for payroll tax withholding | (69,307) | 0 | |||||
Cash proceeds from capital raise, net | (43,560) | 3,165,622 | |||||
Net cash provided/(used) by financing activities | (112,867) | 3,165,622 | |||||
NET INCREASE/(DECREASE) IN CASH | (13,121,606) | 28,927,964 | |||||
CASH, BEGINNING OF PERIOD | $ 35,220,588 | $ 3,011,918 | 35,220,588 | 3,011,918 | $ 3,011,918 | ||
CASH AND RESTRICTED CASH, END OF PERIOD | $ 22,098,982 | $ 31,939,882 | 22,098,982 | 31,939,882 | $ 35,220,588 | ||
Supplemental disclosure of cash flow information | |||||||
Cash paid for income taxes | 80,000 | 0 | |||||
Non-cash investing activities | |||||||
Note payable issued for acquisition of Alaska Gold Torrent, LLC | 6,250,000 | 0 | |||||
Direct transaction costs for acquisition of Alaska Gold Torrent, LLC financed in accounts payable | 719 | 0 | |||||
Asset retirement obligations, noncash | 218,927 | ||||||
Contingent liability for acquisition of Alaska Gold Torrent, LLC | 1,847,063 | 0 | |||||
Total non-cash investing activities | $ 8,316,709 | $ 0 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Jun. 30, 2020 | 6,590,113 | ||||
Balance at Jun. 30, 2020 | $ 65,901 | $ 61,302,249 | $ (476,672) | $ (58,896,711) | $ 1,994,767 |
Stock-based compensation | 892,158 | 892,158 | |||
Cost of common stock issuance | (109,382) | (109,382) | |||
Net income/(loss) | $ 0 | 0 | 0 | 33,442,625 | 33,442,625 |
Issuance of common stock (in shares) | 214,298 | ||||
Issuance of common stock | $ 2,143 | 2,796,189 | 476,672 | 3,275,004 | |
Shares received from the partial sale of the investment in Peak Gold, LLC and retired (in shares) | (809,744) | ||||
Shares received from the partial sale of the investment in Peak Gold, LLC and retired | $ (8,097) | (8,434,760) | (8,442,857) | ||
Balance (in shares) at Sep. 30, 2020 | 5,994,667 | ||||
Balance at Sep. 30, 2020 | $ 59,947 | 56,446,454 | 0 | (25,454,086) | 31,052,315 |
Balance (in shares) at Jun. 30, 2020 | 6,590,113 | ||||
Balance at Jun. 30, 2020 | $ 65,901 | 61,302,249 | (476,672) | (58,896,711) | 1,994,767 |
Net income/(loss) | 30,228,580 | ||||
Balance (in shares) at Dec. 31, 2020 | 6,200,500 | ||||
Balance at Dec. 31, 2020 | $ 62,005 | 57,454,296 | 0 | (28,668,131) | 28,848,170 |
Balance (in shares) at Sep. 30, 2020 | 5,994,667 | ||||
Balance at Sep. 30, 2020 | $ 59,947 | 56,446,454 | 0 | (25,454,086) | 31,052,315 |
Stock-based compensation | $ 0 | 1,009,900 | 0 | 0 | 1,009,900 |
Restricted stock activity (in shares) | 205,833 | ||||
Restricted stock activity | $ 2,058 | (2,058) | 0 | 0 | 0 |
Net income/(loss) | $ 0 | 0 | 0 | (3,214,045) | (3,214,045) |
Balance (in shares) at Dec. 31, 2020 | 6,200,500 | ||||
Balance at Dec. 31, 2020 | $ 62,005 | 57,454,296 | 0 | (28,668,131) | 28,848,170 |
Balance (in shares) at Jun. 30, 2021 | 6,675,746 | ||||
Balance at Jun. 30, 2021 | $ 66,757 | 69,509,606 | 0 | (35,027,588) | 34,548,775 |
Stock-based compensation | 1,021,851 | 1,021,851 | |||
Cost of common stock issuance | (43,560) | (43,560) | |||
Restricted stock activity (in shares) | 10,000 | ||||
Restricted stock activity | $ 100 | (100) | 0 | 0 | 0 |
Net income/(loss) | $ 0 | 0 | 0 | (4,572,213) | (4,572,213) |
Balance (in shares) at Sep. 30, 2021 | 6,685,746 | ||||
Balance at Sep. 30, 2021 | $ 66,857 | 70,487,797 | 0 | (39,599,801) | 30,954,853 |
Balance (in shares) at Jun. 30, 2021 | 6,675,746 | ||||
Balance at Jun. 30, 2021 | $ 66,757 | 69,509,606 | 0 | (35,027,588) | 34,548,775 |
Net income/(loss) | (9,447,252) | ||||
Balance (in shares) at Dec. 31, 2021 | 6,809,246 | ||||
Balance at Dec. 31, 2021 | $ 68,092 | 71,742,871 | (69,307) | (44,474,840) | 27,266,816 |
Balance (in shares) at Sep. 30, 2021 | 6,685,746 | ||||
Balance at Sep. 30, 2021 | $ 66,857 | 70,487,797 | 0 | (39,599,801) | 30,954,853 |
Stock-based compensation | $ 0 | 1,256,309 | 0 | 0 | 1,256,309 |
Restricted stock activity (in shares) | 123,500 | ||||
Restricted stock activity | $ 1,235 | (1,235) | 0 | 0 | 0 |
Net income/(loss) | 0 | 0 | 0 | (4,875,039) | (4,875,039) |
Treasury shares withheld for employee taxes | $ 0 | 0 | (69,307) | 0 | (69,307) |
Balance (in shares) at Dec. 31, 2021 | 6,809,246 | ||||
Balance at Dec. 31, 2021 | $ 68,092 | $ 71,742,871 | $ (69,307) | $ (44,474,840) | $ 27,266,816 |
Note 1 - Organization and Busin
Note 1 - Organization and Business | 6 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Contango ORE, Inc. (“CORE” or the “Company”) engages in exploration for gold ore and associated minerals in Alaska. The Company conducts its operations through three ● a 30.0% membership interest in Peak Gold, LLC (the “Peak Gold JV”), which leases approximately 675,000 acres from the Tetlin Tribal Council and holds approximately 13,000 additional acres of State of Alaska mining claims (such combined acreage, the “Peak Gold JV Property”) for exploration and development, including in connection with the Peak Gold JV's plan to mine ore from the Peak and North Peak deposits within the Peak Gold JV Property (the “Manh Choh Project”); ● its wholly-owned subsidiary, Alaska Gold Torrent, LLC, an Alaska limited liability company (“AGT”), which leases the mineral rights to approximately 8,600 acres of State of Alaska and patented mining claims for exploration from Alaska Hard Rock, Inc., located in three 75 9 ● its wholly-owned subsidiary, Contango Minerals Alaska, LLC (“Contango Minerals”), which separately owns the mineral rights to approximately 214,600 acres of State of Alaska mining claims for exploration, including (i) approximately 139,100 acres located immediately northwest of the Peak Gold JV Property (the “Eagle/Hona Property”), (ii) approximately 14,800 acres located northeast of the Peak Gold JV Property (the “Triple Z Property”), (iii) approximately 52,700 acres of new property in the Richardson district of Alaska staked by the Company in the first 2021 The Lucky Shot Property and the Minerals Property are collectively referred to in these Notes to Unaudited Condensed Consolidated Financial Statements as the “Contango Properties”. The Company is in an exploration stage. The Company’s fiscal year end is June 30. The Company has been involved in the exploration on the Manh Choh Project for twelve two 250 The Peak Gold JV spent approximately $15.8 million on the 2021 2021. 404 2021. December 17, 2021, 2022 2022. 2022 At the Lucky Shot Property, the Company has engaged a mining contractor (Atkinson Construction) to execute the planned 2022 1500ft. 75 2022, 3200 ~10,000 On the Shamrock Property, the company conducted soil and surface rock chip sampling during 2021. 2022. not 2022. The Company’s 30.0% membership interest in the Peak Gold JV, its ownership of AGT and Contango Minerals, and cash on hand constitute substantially all of the Company’s assets. Background Information The Company was formed on September 1, 2010 On January 8, 2015, September 30, 2020, Concurrently with the CORE Transactions, KG Mining, in a separate transaction, acquired 100% of the equity of Royal Alaska, LLC from Royal Gold, which held Royal Gold's 40.0% membership interest in the Peak Gold JV (the “Royal Gold Transactions” and, together with the CORE Transactions, the “Kinross Transactions”). After the consummation of the Kinross Transactions, CORE Alaska retained a 30.0% membership interest in the Peak Gold JV. KG Mining now holds a 70.0% membership interest in the Peak Gold JV and Kinross serves as the manager and operator of the Peak Gold JV. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 6 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 2. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), including instructions to Form 10 -Q and Article 8 of Regulation S- X. Accordingly, they do not include all the information and footnotes required by US GAAP for complete annual consolidated financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation of the consolidated financial statements have been included. All such adjustments are of a normal recurring nature. The consolidated financial statements should be read in conjunction with the consolidated audited financial statements and notes included in the Company ’s Form 10 -K for the fiscal year ended June 30, 2021. The results of operations for the three six ended December 31, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2022. |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 3. Summary of Significant Accounting Policies The Company ’s significant accounting policies are described below . Cash. three December 31, 2021, June 30, 2021. Management Estimates. The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates . Stock-Based Compensation . The Company applies the fair value method of accounting for stock-based compensation. Under this method, compensation cost is measured at the grant date based on the fair value of the award and is recognized over the award vesting period. The Company classifies the benefits of tax deductions in excess of the compensation cost recognized for the options (excess tax benefit) as financing cash flows. The fair value of each option award is estimated as of the date of grant using the Black-Scholes option-pricing model. The fair value of each restricted stock award is equal to the Company’s stock price on the date the award is granted . Income Taxes. The Company follows the liability method of accounting for income taxes under which deferred tax assets and liabilities are recognized for the future tax consequences of (i) temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements and (ii) operating loss and tax credit carry-forwards for tax purposes. Deferred tax assets are reduced by a valuation allowance when, based upon management’s estimates, it is more likely than not not Investment in the Peak Gold JV. December 31, 2021 one three December 31, 2021 June 30, 2021 Property & Equipment may not December 31, 2021 2020. no no no Fair Value Measurement. three one three The three Level 1 Level 2 not Level 3 no Business Combinations. first not not not not not The Company purchased 100% of the outstanding membership interests of AGT in August 2021 ( 9 Recently Issued Accounting Pronouncements. In February 2016, 2016 02, Leases (Topic 842 , which requires recognition of right-of-use assets and lease payment liabilities on the balanc twelve 2016 02 July 2019. two In January 2020, 2020 01, Investments—Equity Securities (Topic 321 323 815 the interaction between the three December 15, 2020, not The Company has evaluated all other recent acco unting pronouncements and believes that none . |
Note 4 - Investment in the Peak
Note 4 - Investment in the Peak Gold JV | 6 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 4 . Investment in the Peak Gold JV The Company initially recorded its investment at the historical book value of the assets contributed to the Peak Gold JV, which was approximately $1.4 million. As of December 31, 2021, KG Mining acquired 70% December 31, 2021, 3 0.0% The following table is a roll-forward of the Company's investment in the Peak Gold JV from January 8, 2015 ( December 31, 2021: Investment in Peak Gold, LLC Investment balance at June 30, 2014 $ — Investment in Peak Gold, LLC, at inception January 8, 2015 1,433,886 Loss from equity investment in Peak Gold, LLC (1,433,886 ) Investment balance at June 30, 2015 $ — Investment in Peak Gold, LLC — Loss from equity investment in Peak Gold, LLC — Investment balance at June 30, 2016 $ — Investment in Peak Gold, LLC — Loss from equity investment in Peak Gold, LLC — Investment balance at June 30, 2017 $ — Investment in Peak Gold, LLC 2,580,000 Loss from equity investment in Peak Gold, LLC (2,580,000 ) Investment balance as June 30, 2018 $ — Investment in Peak Gold, LLC 4,140,000 Loss from equity investment in Peak Gold, LLC (4,140,000 ) Investment balance at June 30, 2019 $ — Investment in Peak Gold, LLC 3,720,000 Loss from equity investment in Peak Gold, LLC (3,720,000 ) Investment balance at June 30, 2020 $ — Investment in Peak Gold, LLC 3,861,252 Loss from equity investment in Peak Gold, LLC (3,861,252 ) Investment balance at June 30, 2021 $ — Investment in Peak Gold, LLC 2,188,000 Loss from equity investment in Peak Gold, LLC (2,188,000 ) Investment balance at December 31, 2021 $ — In conjunction with the CORE Transactions, and Kinross assuming the role of manager of the Peak Gold JV, the Peak Gold JV converted its method of accounting from US GAAP to International Financial Reporting Standards (“IFRS”) and changed its fiscal year end from June 30 December 31, December 31, 2020. three six December 31, 2021 2020, 31, 2021 in accordance with US GAAP: Three Months Ended Three Months Ended Six Months Ended Six Months Ended Period from Inception January 8, 2015 to December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 December 31, 2021 EXPENSES: Exploration expense $ 2,293,331 $ 2,627,457 $ 5,349,435 $ 2,920,001 $ 54,226,198 General and administrative 387,100 315,068 692,157 606,989 11,683,163 Total expenses 2,680,431 2,942,525 6,041,592 3,526,990 65,909,361 NET LOSS $ 2,680,431 $ 2,942,525 $ 6,041,592 $ 3,526,990 $ 65,909,361 The Company’s share of the Peak Gold JV’s results of operations for the three six December 31, 2021 three six 31 , 2020 . The Peak Gold JV loss does not December 31, 2021 June 30, 2021, each December 31, 2021 June 30, 2021. not 31, 2021. December 31, 2021 |
Note 5 - Prepaid Expenses and O
Note 5 - Prepaid Expenses and Other Assets | 6 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Prepaid Expenses [Text Block] | 5. The Company has prepaid expenses and other assets of $1,351,429 and $515,635 as of December 31, 2021 and June 30, 2021, 31, 2021. |
Note 6 - Net Income (Loss) Per
Note 6 - Net Income (Loss) Per Share | 6 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 6. A reconciliation of the components of basic and diluted net income/(loss) per share of Common Stock is presented below: Three Months Ended December 31, 2021 2020 Net Loss Weighted Average Shares Loss Per Share Net Loss Weighted Average Shares Loss Per Share Basic Net Income/(Loss) per Share: Net loss attributable to common stock $ (4,875,039 ) 6,751,581 $ (0.72 ) $ (3,214,045 ) 6,042,150 $ (0.53 ) Diluted Net Income/(Loss) per Share: Net loss attributable to common stock $ (4,875,039 ) 6,751,581 $ (0.72 ) $ (3,214,045 ) 6,042,150 $ (0.53 ) Six Months Ended December 31, 2021 2020 Net Loss Weighted Average Shares Loss Per Share Net Income Weighted Average Shares Income Per Share Basic Net Income/(Loss) per Share: Net income/(loss) attributable to common stock $ (9,447,252 ) 6,716,076 $ (1.41 ) $ 30,228,580 6,309,482 $ 4.79 Diluted Net Income/(Loss) per Share: Net income/(loss) attributable to common stock $ (9,447,252 ) 6,716,076 $ (1.41 ) $ 30,228,580 6,309,482 $ 4.79 Options to purchase 100,000 shares of Common Stock of the Company were outstanding as of each of December 31, 2021 June 30, 2021. not three six December 31, 2021 2020 December 31, 2021 2020. |
Note 7 - Shareholders' Equity
Note 7 - Shareholders' Equity | 6 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 7. ’ Equity On December 11, 2020, The Company has 15,000,000 authorized shares of preferred stock. As of December 31, 2021, the Company had 6,806,654 shares of Common Stock outstanding, including 528,167 share s of unvested restricted stock, 2020 2021 . December 31, 2021, No shares of preferred stock have been issued. The remaining restricted stock outstanding will vest between August 2022 January 2025. The Company entered into Stock Purchase Agreements dated as of June 14, June 17, 2021 ( “2021 2021 June 17 18, 2021. 2021 2021 2021 June 17, 2021, not 2021 June 18, 2021. 2021 On September 23, 2020, “2020 2020 2020 may may 2020 2020 Rights Plan Termination and Rights Agreement On December 19, 2012, March 21, 2013, September 29, 2014, December 18, 2014, November 11, 2015, April 22, 2018, November 20, 2019. September 23, 2020, September 23, 2020, no September 23, 2020, Pursuant to the Rights Agreement, the Board declared a dividend of one preferred stock purchase right (a “Right”) for each share of the Company’s Common Stock, par value $0.01 per share, of the Company, held of record as of October 5, 2020. one September 22, 2021. no 18.0% 20.0% one one 1/1000 On September 21, 2021, September 22, 2022. |
Note 8 - Sales Transaction With
Note 8 - Sales Transaction With KG Mining | 6 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 8. On September 29, 2020, September 30, 2020. may Concurrently with the Purchase Agreement, KG Mining, in a separate transaction, acquired from Royal Gold (i) 100% of the equity of Royal Alaska, LLC , which held a 40.0% membership interest in the Peak Gold JV and (ii) 809,744 shares of Common Stock held by Royal Gold. After the consummation of the Kinross Transactions, CORE Alaska retains a 30.0% membership interest in the Peak Gold JV. KG Mining now holds a 70.0% membership interest in the Peak Gold JV and serves as the manager and operator of the Peak Gold JV. KG Mining and CORE Alaska entered into the Amended and Restated Limited Liability Company Agreement of Peak Gold JV (“A&R JV LLCA”) on October 1, 2020 The Company recorded the $32.4 million cash proceeds and the 809,744 shares of Common Stock, received from the CORE Transactions, at fair value and recognized a gain on sale of $39.6 million. The Company valued the Common Stock consideration from the CORE Transactions consistent with the accounting guidance for non-monetary exchanges. The stock consideration was valued based on the implied fair value of the CORE Transactions in total less the cash proceeds. The total value of the CORE Transactions was equated to the value of the Company's 30.0% ownership in the Peak Gold JV, post the 30.0% 3 3 zero The Company recorded a non-current liability totaling $1.2 million associated with the cash received for the reimbursement prepayment to the Company of its proportionate share of certain silver royalty payments that the Peak Gold JV may 5% Prior to the Kinross Transactions, the Peak Gold JV, Contango Minerals, the Company, CORE Alaska, Royal Gold and Royal Alaska entered into a Separation and Distribution Agreement, dated as of September 29, 2020 ( one hundred The distribution of the Alaska state mining claims to Contango Minerals meets the definition of a non-reciprocal nonmonetary transfer as defined in Accounting Standards Codification (“ASC”) 845 not zero zero In connection with the Separation Agreement, the Peak Gold JV and Contango Minerals entered into the Option Agreement. Under the Option Agreement, Contango Minerals granted the Peak Gold JV an option, subject to certain conditions contained in the Option Agreement, to purchase approximately 13,000 acres of the Alaska state mining claims which were contributed to Contango Minerals pursuant to the Separation Agreement, together with all extralateral rights, water and water rights, and easements and rights of way in connection therewith, that are held by Contango Minerals. The signing of the Option Agreement did not June 2021, On October 1, 2020, After the consummation of the Kinross Transactions, Kinross, through KG Mining, replaced Royal Gold as the Company’s joint venture partner and as manager of the Peak Gold JV. After consummation of the Kinross Transactions, CORE Alaska holds a 30.0% membership interest in the Peak Gold JV and KG Mining holds a 70.0% membership interest in the Peak Gold JV. The A&R JV LLCA established the Management Committee to determine the overall policies, objectives, procedures, methods and actions of the Peak Gold JV. The Management Committee currently consists of one two actions Prior to the CORE Transactions, the Peak Gold JV was a variable interest entity as defined by FASB ASU No. 2015 02, 810 not not After the Kinross Transactions, the Company retained a 30.0% membership interest in the Peak Gold JV. The Company continues to have significant influence in the Peak Gold JV pursuant to its right to designate one three |
Note 9 - Acquisition of Lucky S
Note 9 - Acquisition of Lucky Shot Property | 6 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Asset Acquisition [Text Block] | 9. On August 24, 2021, February 28, 2022 ( 30 November 2021, not In addition to the cash at closing and the Promissory Note, the Company will be obligated to pay CRH additional consideration if production on the Lucky Shot Property meets two first 1 2 second 1 2 30 thirty The Company also agreed to make $10,000,000 in expenditures during the 36 The Company evaluated this acquisition under ASC 805, Business Combinations 805 805 not not 480 3 3 |
Note 10 - Property & Equipment
Note 10 - Property & Equipment | 6 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 10. The table below sets forth the book value by type of fixed asset as well as the estimated useful life: Asset Type Estimated Useful Life December 31, 2021 June 30, 2021 Mineral properties N/A - Units of Production $ 11,700,726 $ — Land Not Depreciated 87,737 — Buildings and improvements 20-39 years 1,455,546 — Machinery and equipment 3 - 10 years 287,635 — Vehicles 5 years 96,791 25,721 Computer and office equipment 5 years 11,334 10,810 Furniture & fixtures 5 years 2,270 — Less: Accumulated depreciation and amortization (13,715 ) — Property & Equipment, net $ 13,628,324 $ 36,531 |
Note 11 - Related Party Transac
Note 11 - Related Party Transactions | 6 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 11 . Mr. Brad Juneau, who served as the Company’s Chairman, President and Chief Executive Officer January 6, 2020, November 11, 2021, December 11, 2020, November 20, 2019. one December 1, 2020 December 1, 2021 ninety third The Company entered into Stock Purchase Agreements dated as of June 14, June 17, 2021 2021 2021 June 17 18, 2021. 2021 2021 2021 June 17, 2021, not 2021 June 18, 2021. On September 23, 2020, 2020 September 23, 2020, 2020 may may 2020 On September 30, 2020, September 29, 2020, “2% 2% 3.0%. 3.0% 3.0% In addition, on September 29, 2020, 1.0% The Company will be required to fund any royalty payments the Peak Gold JV is obligated to make to Royal Gold under the JV Royalty Agreement in proportion to its membership interests in the Peak Gold JV. The Company’s proportionate share of the additional royalty granted to Royal Gold pursuant to the JV Royalty Agreement has been partially offset by a cash payment of $1.2 million to the Company, designated as a reimbursement prepayment by Kinross for the Company’s estimated proportionate share of the additional silver royalty, in proportion to Company’s membership interest in the Peak Gold JV after the consummation of the transactions described above. On April 16, 2018, 13D 13D June 29, 2018, October 4, 2018, January 22, 2019, August 2, 2019, December 31, 2020. December 31, 2020, 1. |
Note 12 - Stock-based Compensat
Note 12 - Stock-based Compensation | 6 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 12. On September 15, 2010, “2010 November 14, 2017, 2010 2010 may September 15, 2027; ’s tax withholding obligations with respect to grants paid in Company Stock. On November 13, 2019, may 500,000 Under the Equity Plan, the Board may may On December 11, 2020, may As of December 31, 2021, three six December 31, 2021 three six December 31, 2020 The amount of compensation expense recognized does not may Restricted Stock. November 2019, January 2022. December 31, 2021, In connection with the appointment of Rick Van Nieuwenhuyse as the President and Chief Executive Officer of the Company, on January 9, 2020, two first second January 6, 2021, January 6, 2022. December 31, 2021, On December 1, 2020, two three December 11, 2020, 2022 January 2023. On December 11, 2020 the Company also granted Mr. Van Nieuwenhuyse 23,333 December 31, 2021, all 199,167 December 2020 On August 16, 2021, three December 31, 2021 On November 11, 2021, 2023 January 2024. December 31, 2021, all 123,500 As of December 31, 2021 , the total compensation cost related to unvested awards not Stock options. January 6, 2020, January 6, 2020, two first second There were no stock option exercises during the three six December 31, 2021 . There were also no The Company applies the fair value method to account for stock option expense. Under this method, cash flows from the exercise of stock options resulting from tax benefits in excess of recognized cumulative compensation cost (excess 3 – Summary of Significant Accounting Policies. All employee stock option grants are expensed over the stock option’s vesting period based on the fair value at the date the options are granted. The fair value of each option is estimated as of the date of grant using the Black-Scholes options-pricing model. December 31, 2021, not December 31, 2021 A summary of the status of stock options granted under the Equity Plan as of December 31, 2021 six Six Months Ended December 31, 2021 Shares Under Options Weighted Average Exercise Price Outstanding as of June 30, 2021 100,000 $ 14.50 Granted — Exercised — Forfeited — Outstanding at the end of the period 100,000 $ 14.50 Aggregate intrinsic value $ 874,000 Exercisable, end of the period 50,000 Aggregate intrinsic value $ 437,000 Available for grant, end of period 127,427 Weighted average fair value per share of options granted during the period $ — |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 6 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 13. Tetlin Lease . The Tetlin Lease had an initial ten-year term beginning July 2008 ten July 15, 2028, Pursuant to the terms of the Tetlin Lease, the Peak Gold JV was required to spend $350,000 per year until July 15, 2018 2011 $350,000 3 .0% 2 .25% $450,000. 0.75% on December 31, 2020. $450,000 not July 15, 2012, Gold Exploration. The Company’s Triple Z, Eagle/Hona, Shamrock, Willow, and Lucky Shot claims are all located on State of Alaska lands. The Company released its Bush and West Fork claims in November 2020. November 30 2021 2022 $478,650 2021. 1 31 year. The Company obtained 100% December 31, 2021, four years, which is the maximum period allowable by Alaska law. Lucky Shot Acquisition two first 1 2 second 1 2 30 thirty 36 Royal Gold Royalties . Initially, the Peak Gold JV was obligated to pay Royal Gold (i) an overriding royalty of 3.0% should the Peak Gold JV derive revenues from the Tetlin Lease, the Additional Properties and certain other properties and (ii) an overriding royalty of 2.0% should the Peak Gold JV derive revenues from certain other properties. In conjunction with the Separation Agreement (described in Note 1 Retention Agreements. February 2019, one February 6, 2020, August 6, 2020 August 6, 2025. August 6, 2025. June 10, 2020, August 6, 2025, Short Term Incentive Plan June 10, 2020, two first second may not December 2020, January 1, 2022. |
Note 14 - Income Taxes
Note 14 - Income Taxes | 6 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 14. The Company recognized a full valuation allowance on its deferred tax asset as of December 31, 2021 June 30, 2021 three six December 31, 2021. for the three six December 31, 2020. six December 31, 2020 $1.8 six December 31, 2021 December 31, 2020, no not June 30, 2022. not The Company reviews its tax positions quarterly for tax uncertainties. The Company did not December 31, 2021 June 30, 2021. On March 27, 2020, 19 163 80% December 31, 2021, not |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 6 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 15. In conjunction with the STIP plan, in January 2022, January 15, 2023. On February 2, 2022 the Company also granted four employees a total of 12,000 On January 1, 2022, four January 5, 2022, four January 1, 2022, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash. three December 31, 2021, June 30, 2021. |
Use of Estimates, Policy [Policy Text Block] | Management Estimates. The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates . |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation . The Company applies the fair value method of accounting for stock-based compensation. Under this method, compensation cost is measured at the grant date based on the fair value of the award and is recognized over the award vesting period. The Company classifies the benefits of tax deductions in excess of the compensation cost recognized for the options (excess tax benefit) as financing cash flows. The fair value of each option award is estimated as of the date of grant using the Black-Scholes option-pricing model. The fair value of each restricted stock award is equal to the Company’s stock price on the date the award is granted . |
Income Tax, Policy [Policy Text Block] | Income Taxes. The Company follows the liability method of accounting for income taxes under which deferred tax assets and liabilities are recognized for the future tax consequences of (i) temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements and (ii) operating loss and tax credit carry-forwards for tax purposes. Deferred tax assets are reduced by a valuation allowance when, based upon management’s estimates, it is more likely than not not |
Equity Method Investments [Policy Text Block] | Investment in the Peak Gold JV. December 31, 2021 one three December 31, 2021 June 30, 2021 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property & Equipment may not December 31, 2021 2020. no no no |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurement. three one three The three Level 1 Level 2 not Level 3 no |
Business Combinations Policy [Policy Text Block] | Business Combinations. first not not not not not The Company purchased 100% of the outstanding membership interests of AGT in August 2021 ( 9 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements. In February 2016, 2016 02, Leases (Topic 842 , which requires recognition of right-of-use assets and lease payment liabilities on the balanc twelve 2016 02 July 2019. two In January 2020, 2020 01, Investments—Equity Securities (Topic 321 323 815 the interaction between the three December 15, 2020, not The Company has evaluated all other recent acco unting pronouncements and believes that none . |
Note 4 - Investment in the Pe_2
Note 4 - Investment in the Peak Gold JV (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Roll-forward of Equity Method Investment [Table Text Block] | Investment in Peak Gold, LLC Investment balance at June 30, 2014 $ — Investment in Peak Gold, LLC, at inception January 8, 2015 1,433,886 Loss from equity investment in Peak Gold, LLC (1,433,886 ) Investment balance at June 30, 2015 $ — Investment in Peak Gold, LLC — Loss from equity investment in Peak Gold, LLC — Investment balance at June 30, 2016 $ — Investment in Peak Gold, LLC — Loss from equity investment in Peak Gold, LLC — Investment balance at June 30, 2017 $ — Investment in Peak Gold, LLC 2,580,000 Loss from equity investment in Peak Gold, LLC (2,580,000 ) Investment balance as June 30, 2018 $ — Investment in Peak Gold, LLC 4,140,000 Loss from equity investment in Peak Gold, LLC (4,140,000 ) Investment balance at June 30, 2019 $ — Investment in Peak Gold, LLC 3,720,000 Loss from equity investment in Peak Gold, LLC (3,720,000 ) Investment balance at June 30, 2020 $ — Investment in Peak Gold, LLC 3,861,252 Loss from equity investment in Peak Gold, LLC (3,861,252 ) Investment balance at June 30, 2021 $ — Investment in Peak Gold, LLC 2,188,000 Loss from equity investment in Peak Gold, LLC (2,188,000 ) Investment balance at December 31, 2021 $ — |
The Joint Venture Company [Member] | |
Notes Tables | |
Summarized Income Statement of Equity Method Investment [Table Text Block] | Three Months Ended Three Months Ended Six Months Ended Six Months Ended Period from Inception January 8, 2015 to December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 December 31, 2021 EXPENSES: Exploration expense $ 2,293,331 $ 2,627,457 $ 5,349,435 $ 2,920,001 $ 54,226,198 General and administrative 387,100 315,068 692,157 606,989 11,683,163 Total expenses 2,680,431 2,942,525 6,041,592 3,526,990 65,909,361 NET LOSS $ 2,680,431 $ 2,942,525 $ 6,041,592 $ 3,526,990 $ 65,909,361 |
Note 6 - Net Income (Loss) Pe_2
Note 6 - Net Income (Loss) Per Share (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended December 31, 2021 2020 Net Loss Weighted Average Shares Loss Per Share Net Loss Weighted Average Shares Loss Per Share Basic Net Income/(Loss) per Share: Net loss attributable to common stock $ (4,875,039 ) 6,751,581 $ (0.72 ) $ (3,214,045 ) 6,042,150 $ (0.53 ) Diluted Net Income/(Loss) per Share: Net loss attributable to common stock $ (4,875,039 ) 6,751,581 $ (0.72 ) $ (3,214,045 ) 6,042,150 $ (0.53 ) Six Months Ended December 31, 2021 2020 Net Loss Weighted Average Shares Loss Per Share Net Income Weighted Average Shares Income Per Share Basic Net Income/(Loss) per Share: Net income/(loss) attributable to common stock $ (9,447,252 ) 6,716,076 $ (1.41 ) $ 30,228,580 6,309,482 $ 4.79 Diluted Net Income/(Loss) per Share: Net income/(loss) attributable to common stock $ (9,447,252 ) 6,716,076 $ (1.41 ) $ 30,228,580 6,309,482 $ 4.79 |
Note 10 - Property & Equipment
Note 10 - Property & Equipment (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Asset Type Estimated Useful Life December 31, 2021 June 30, 2021 Mineral properties N/A - Units of Production $ 11,700,726 $ — Land Not Depreciated 87,737 — Buildings and improvements 20-39 years 1,455,546 — Machinery and equipment 3 - 10 years 287,635 — Vehicles 5 years 96,791 25,721 Computer and office equipment 5 years 11,334 10,810 Furniture & fixtures 5 years 2,270 — Less: Accumulated depreciation and amortization (13,715 ) — Property & Equipment, net $ 13,628,324 $ 36,531 |
Note 12 - Stock-based Compens_2
Note 12 - Stock-based Compensation (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Six Months Ended December 31, 2021 Shares Under Options Weighted Average Exercise Price Outstanding as of June 30, 2021 100,000 $ 14.50 Granted — Exercised — Forfeited — Outstanding at the end of the period 100,000 $ 14.50 Aggregate intrinsic value $ 874,000 Exercisable, end of the period 50,000 Aggregate intrinsic value $ 437,000 Available for grant, end of period 127,427 Weighted average fair value per share of options granted during the period $ — |
Note 1 - Organization and Bus_2
Note 1 - Organization and Business (Details Textual) $ in Millions | Dec. 17, 2021USD ($) | Dec. 31, 2021USD ($)aft² | Oct. 01, 2020 | Sep. 30, 2020 | Sep. 29, 2020 |
The Joint Venture Company [Member] | State of Alaska Mining Claims for Exploration and Development [Member] | |||||
Area of Land (Acre) | 13,000 | ||||
Contango Minerals [Member] | State of Alaska Mining Claims Located North and Northwest of Tetlin Lease [Member] | |||||
Area of Land (Acre) | 214,600 | ||||
Contango Minerals [Member] | State of Alaska Mining Claims Located Near Eagle/Hona Property [Member] | |||||
Area of Land (Acre) | 139,100 | ||||
Contango Minerals [Member] | State of Alaska Mining Claims Located Near Triple Z Property [Member] | |||||
Area of Land (Acre) | 14,800 | ||||
Contango Minerals [Member] | State of Alaska Mining Claims Located in Richardson District [Member] | |||||
Area of Land (Acre) | 52,700 | ||||
Contango Minerals [Member] | State of Alaska Mining Claims Located North and East of Lucky Shot Property [Member] | |||||
Area of Land (Acre) | 8,000 | ||||
Tetlin Lease [Member] | The Joint Venture Company [Member] | |||||
Area of Land (Acre) | 675,000 | ||||
Alaska Hard Rock Lease [Member] | Alaska Gold Torrent, LLC [Member] | |||||
Area of Land (Acre) | 8,600 | ||||
The Joint Venture Company [Member] | |||||
Equity Method Investment, Ownership Percentage | 30.00% | 30.00% | 30.00% | ||
Exploration Budget, Amount Spent | $ | $ 15.8 | ||||
Area of Drilling Completed (Square Foot) | ft² | 33,000 | ||||
Expected Cash Needed | $ | $ 47.9 | ||||
Proportionate Ownership Share, Approved Budget | $ | $ 14.4 | ||||
The Joint Venture Company [Member] | KG Mining [Member] | |||||
Equity Method Investment, Ownership Percentage by Other Owner | 70.00% | 70.00% | |||
The Joint Venture Company [Member] | CORE Alaska [Member] | |||||
Equity Method Investment, Ownership Percentage | 30.00% | ||||
Percentage Ownership in Company | 30.00% | ||||
The Joint Venture Company [Member] | KG Mining [Member] | |||||
Percentage Ownership in Company | 70.00% | ||||
The Joint Venture Company [Member] | Royal Alaska LLC [Member] | |||||
Equity Method Investment, Ownership Percentage | 40.00% | ||||
Royal Alaska LLC [Member] | KG Mining [Member] | |||||
Percentage Ownership in Company | 100.00% |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | ||||||||||||
Dec. 31, 2021 | Dec. 31, 2020 | Aug. 24, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | Sep. 29, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Restricted Cash, Current | $ 231,000 | $ 0 | |||||||||||
Equity Method Investments | 0 | 0 | |||||||||||
Impairment, Long-Lived Asset, Held-for-Use, Total | $ 0 | $ 0 | |||||||||||
Alaska Gold Torrent [Member] | |||||||||||||
Asset Acquisition Percentage of Interests Acquired | 100.00% | ||||||||||||
The Joint Venture Company [Member] | |||||||||||||
Equity Method Investment, Ownership Percentage | 30.00% | 30.00% | 30.00% | ||||||||||
Equity Method Investments | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Note 4 - Investment in the Pe_3
Note 4 - Investment in the Peak Gold JV (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 84 Months Ended | |||||||||||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | Sep. 29, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Jan. 08, 2015 | Jun. 30, 2014 | |
Equity Method Investment, Aggregate Cost | $ 17,900,000 | $ 17,900,000 | $ 17,900,000 | |||||||||||||
Equity Method Investments | 0 | 0 | 0 | $ 0 | ||||||||||||
Suspended Losses | 22,600,000 | |||||||||||||||
The Joint Venture Company [Member] | ||||||||||||||||
Equity Method Investment, Aggregate Cost | $ 17,900,000 | $ 17,900,000 | 17,900,000 | $ 1,400,000 | ||||||||||||
Equity Method Investment, Total Contributions | $ 17.9 | |||||||||||||||
Equity Method Investment, Ownership Percentage | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | |||||||||||
Loss from Equity Method Investments, Unrecorded | $ 800,000 | $ 900,000 | $ 1,800,000 | $ 1,300,000 | ||||||||||||
Equity Method Investment, Summarized Financial Information, Inception-to-date Cumulative Income (Loss) | 40,500,000 | 40,500,000 | $ 40,500,000 | 38,700,000 | ||||||||||||
Equity Method Investments | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||
The Joint Venture Company [Member] | KG Mining [Member] | ||||||||||||||||
Equity Method Investment, Ownership Percentage by Other Owner | 70.00% | 70.00% | 70.00% | 70.00% |
Note 4 - Investment in the Pe_4
Note 4 - Investment in the Peak Gold JV - Roll-forward of Investment in the Joint Venture Company (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Investment balance | $ 0 | ||||||||||
Investment in Peak Gold, LLC | 2,188,000 | $ 1,371,252 | |||||||||
Loss from equity investment in Peak Gold, LLC | $ (743,000) | $ (1,123,452) | (2,188,000) | (1,371,252) | |||||||
The Joint Venture Company [Member] | |||||||||||
Investment balance | $ 0 | 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |
Investment in Peak Gold, LLC | 2,188,000 | 3,861,252 | 3,720,000 | 4,140,000 | 2,580,000 | 0 | 0 | 1,433,886 | |||
Loss from equity investment in Peak Gold, LLC | $ (2,188,000) | $ (3,861,252) | $ (3,720,000) | $ (4,140,000) | $ (2,580,000) | $ 0 | $ 0 | $ (1,433,886) |
Note 4 - Investment in the Pe_5
Note 4 - Investment in the Peak Gold JV - Condensed Results of Operations for Peak Gold, LLC (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 84 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | |
Exploration expense | $ 1,219,437 | $ 4,800 | $ 2,165,682 | $ 4,800 | |
General and administrative | 2,796,664 | 2,602,590 | 4,766,933 | 6,127,582 | |
Total expenses | 4,185,757 | 2,663,199 | 7,256,863 | 6,209,019 | |
The Joint Venture Company [Member] | |||||
Exploration expense | 2,293,331 | 2,627,457 | 5,349,435 | 2,920,001 | $ 54,226,198 |
General and administrative | 387,100 | 315,068 | 692,157 | 606,989 | 11,683,163 |
Total expenses | 2,680,431 | 2,942,525 | 6,041,592 | 3,526,990 | 65,909,361 |
NET LOSS | $ 2,680,431 | $ 2,942,525 | $ 6,041,592 | $ 3,526,990 | $ 65,909,361 |
Note 5 - Prepaid Expenses and_2
Note 5 - Prepaid Expenses and Other Assets (Details Textual) - USD ($) | Dec. 31, 2021 | Jun. 30, 2021 |
Prepaid Expense, Current, Total | $ 1,351,429 | $ 515,635 |
Capitalized Legal Fee | $ 550,960 |
Note 6 - Net Income (Loss) Pe_3
Note 6 - Net Income (Loss) Per Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | Dec. 11, 2020 | Nov. 13, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 100,000 | 100,000 | 100,000 | 300,000 | 100,000 | ||
Class of Warrant or Right, Outstanding (in shares) | 0 | 0 | 0 | 0 | |||
Share-based Payment Arrangement, Option [Member] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 100,000 | 100,000 | 100,000 | 100,000 |
Note 6 - Net Income (Loss) Pe_4
Note 6 - Net Income (Loss) Per Share - Reconciliation of the Components of Basic and Diluted Net Loss Per Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net loss attributable to common stock | $ (4,875,039) | $ (4,572,213) | $ (3,214,045) | $ 33,442,625 | $ (9,447,252) | $ 30,228,580 |
Weighted Average Shares, basic (in shares) | 6,751,581 | 6,042,150 | 6,716,076 | 6,309,482 | ||
Income Per Share, basic (in dollars per share) | $ (0.72) | $ (0.53) | $ (1.41) | $ 4.79 | ||
Weighted Average Shares, diluted (in shares) | 6,751,581 | 6,042,150 | 6,716,076 | 6,309,482 | ||
Income Per Share, diluted (in dollars per share) | $ (0.72) | $ (0.53) | $ (1.41) | $ 4.79 |
Note 7 - Shareholders' Equity (
Note 7 - Shareholders' Equity (Details Textual) - USD ($) | Jun. 18, 2021 | Oct. 05, 2020 | Sep. 30, 2020 | Sep. 23, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | Dec. 11, 2020 | Sep. 14, 2020 | Nov. 13, 2019 |
Common Stock, Shares Authorized (in shares) | 30,000,000 | 45,000,000 | 45,000,000 | 45,000,000 | ||||||
Preferred Stock, Shares Authorized (in shares) | 15,000,000 | |||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 6,806,654 | 6,675,746 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 100,000 | 100,000 | 300,000 | 100,000 | ||||||
Preferred Stock, Shares Issued, Total (in shares) | 0 | |||||||||
Proceeds from Issuance of Common Stock, Net | $ (43,560) | $ 3,165,622 | ||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |||||||
Rights Agreement Term (Year) | 1 year | |||||||||
Rights Agreement, Number of Preferred Stock Issuable Per Right (in shares) | 0.001 | |||||||||
Rights Agreement, Exercise Price (in dollars per share) | $ 100 | |||||||||
Rights to Purchase Series A Junior Preferred Stock [Member] | ||||||||||
Class of Warrant or Right, Distributed for Each Share of Common Stock (in shares) | 1 | |||||||||
Chief Executive Officer [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 75,472 | |||||||||
Stock Issued During Period, Value, New Issues | $ 1,000,000 | |||||||||
Person or Group [Member] | ||||||||||
Rights Agreement, Beneficial Ownership Percentage of Common Stock,Threshold | 18.00% | |||||||||
Certain Passive Investors [Member] | ||||||||||
Rights Agreement, Beneficial Ownership Percentage of Common Stock,Threshold | 20.00% | |||||||||
Private Placement [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 523,809 | 247,172 | ||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 21 | $ 13.25 | ||||||||
Proceeds from Issuance of Common Stock | $ 11,000,000 | |||||||||
Proceeds from Issuance of Common Stock, Net | $ 10,900,000 | |||||||||
Stock Issued During Period, Shares, Treasury Stock Reissued (in shares) | 32,874 | |||||||||
Proceeds from Issuance of Private Placement | $ 3,300,000 | |||||||||
Proceeds from Issuance of Private Placement, Net of Issuance Costs | 3,200,000 | |||||||||
Payments of Stock Issuance Costs | $ 50,000 | |||||||||
Private Placement [Member] | Chief Executive Officer [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 47,619 | |||||||||
Stock Issued During Period, Value, New Issues | $ 1,000,000 | |||||||||
Private Placement [Member] | Petrie Partners Securities, LLC [Member] | ||||||||||
Private Placement Fee, Percentage | 3.25% | |||||||||
Payments of Stock Issuance Costs | $ 50,000 | |||||||||
Private Placement [Member] | Chief Executive Officer [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 47,619 | |||||||||
Stock Issued During Period, Value, New Issues | $ 1,000,000 | |||||||||
CORE Alaska [Member] | The Joint Venture Company [Member] | ||||||||||
Shares Received From Sale of Equity Method Investments (in shares) | 809,744 | |||||||||
Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 528,167 |
Note 8 - Sales Transaction Wi_2
Note 8 - Sales Transaction With KG Mining (Details Textual) | Sep. 30, 2020USD ($)shares | Sep. 29, 2020a | Dec. 31, 2021USD ($)a | Dec. 31, 2020USD ($) | Jun. 30, 2021USD ($) | Oct. 01, 2020 | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) |
Proceeds from Sale of Equity Method Investments | $ 0 | $ 31,200,000 | |||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal, Total | 0 | $ 39,642,857 | |||||||||||
Equity Method Investments | $ 0 | $ 0 | |||||||||||
The Joint Venture Company [Member] | |||||||||||||
Equity Method Invesment, Interest Sold, Percent | 30.00% | ||||||||||||
Equity Method Investment, Ownership Percentage | 30.00% | 30.00% | 30.00% | ||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal, Total | $ 39,600,000 | ||||||||||||
Equity Method Investments | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||
The Joint Venture Company [Member] | KG Mining [Member] | |||||||||||||
Equity Method Investment, Ownership Percentage by Other Owner | 70.00% | 70.00% | |||||||||||
CORE Alaska [Member] | The Joint Venture Company [Member] | |||||||||||||
Equity Method Invesment, Interest Sold, Percent | 30.00% | ||||||||||||
Proceeds from Sale of Equity Method Investments | $ 32,400,000 | ||||||||||||
Shares Received From Sale of Equity Method Investments (in shares) | shares | 809,744 | ||||||||||||
Sale of Equity Method Investment, Prepayment of Reimbursement | $ 1,200,000 | ||||||||||||
Percentage Ownership in Company | 30.00% | ||||||||||||
Equity Method Investment, Ownership Percentage | 30.00% | ||||||||||||
CORE Alaska [Member] | Contango Minerals [Member] | |||||||||||||
Percentage Ownership in Company | 100.00% | ||||||||||||
KG Mining [Member] | The Joint Venture Company [Member] | |||||||||||||
Sale of Equity Method Investment, Prepayment of Reimbursement | $ 1,200,000 | ||||||||||||
Percentage Ownership in Company | 70.00% | ||||||||||||
KG Mining [Member] | Royal Alaska LLC [Member] | |||||||||||||
Percentage Ownership in Company | 100.00% | ||||||||||||
Equity Method Investment, Ownership, Shares (in shares) | shares | 809,744 | ||||||||||||
Royal Alaska LLC [Member] | The Joint Venture Company [Member] | |||||||||||||
Equity Method Investment, Ownership Percentage | 40.00% | ||||||||||||
Contango Minerals [Member] | Separation Agreement [Member] | |||||||||||||
Mining Claims Acquired, Area (Acre) | a | 167,000 | ||||||||||||
Net Smelter Returns Royalty Interest, Percent | 1.00% | ||||||||||||
The Joint Venture Company [Member] | State of Alaska Mining Claims for Exploration and Development [Member] | |||||||||||||
Area of Land (Acre) | a | 13,000 | ||||||||||||
The Joint Venture Company [Member] | Separation Agreement [Member] | |||||||||||||
Net Smelter Returns Silver Royalty, Percent | 28.00% | ||||||||||||
The Joint Venture Company [Member] | Option Agreement [Member] | |||||||||||||
Mining Claims, Option to Acquire, Area (Acre) | a | 13,000 | ||||||||||||
The Joint Venture Company [Member] | Alaska State Mining Claims [Member] | Separation Agreement [Member] | |||||||||||||
Net Smelter Returns Royalty Interest, Percent | 1.00% | ||||||||||||
Total Net Smelter Returns Royalty, Percent | 3.00% |
Note 9 - Acquisition of Lucky_2
Note 9 - Acquisition of Lucky Shot Property (Details Textual) | Aug. 24, 2021USD ($)oz | Dec. 31, 2021 |
Promissory Note Issued with AGT Acquisition [Member] | Measurement Input, Discount Rate [Member] | ||
Long-term Debt, Measurement Input | 10 | |
Alaska Gold Torrent, LLC [Member] | ||
Asset Acquisition, Consideration Transferred, Total | $ 30,000,000 | |
Payments to Acquire Productive Assets, Total | 5,000,000 | |
Asset Acquisition, Purchase Price Allocation Working Capital Adjustments | 100,000 | |
Asset Acquisition, Acquired Asset Amount | 13,500,000 | |
Payments to Acquire Productive Assets, Including Working Capital Adjustments | 5,100,000 | |
Asset Acquisition, Consideration Transferred, Transaction Cost | 300,000 | |
Alaska Gold Torrent, LLC [Member] | Lucky Shot Prospect [Member] | ||
Asset Acquisition, Exploration Expenditures, Requirement, Minimum Amount During 36 Months Period | 10,000,000 | |
Alaska Gold Torrent, LLC [Member] | Common Stock [Member] | ||
Asset Acquisition, Contingent Consideration, Liability, Total | $ 1,850,000 | |
Alaska Gold Torrent, LLC [Member] | Production Threshold, One [Member] | ||
Asset Acquisition, Contingent Consideration Arrangements, Production Threshold, Mineral Resource (Ounce) | oz | 500,000 | |
Asset Acquisition, Contingent Consideration Arrangements, Production Threshold, Output, Gold (Ounce) | oz | 30,000 | |
Gold to Silver Ratio | 1:65 | |
Asset Acquisition, Consideration Transferred, Contingent Consideration | $ 5,000,000 | |
Alaska Gold Torrent, LLC [Member] | Production Threshold, One [Member] | Common Stock [Member] | ||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | $ 3,750,000 | |
Alaska Gold Torrent, LLC [Member] | Production Threshold, Two [Member] | ||
Asset Acquisition, Contingent Consideration Arrangements, Production Threshold, Mineral Resource (Ounce) | oz | 1,000,000 | |
Asset Acquisition, Contingent Consideration Arrangements, Production Threshold, Output, Gold (Ounce) | oz | 60,000 | |
Gold to Silver Ratio | 1:65 | |
Asset Acquisition, Consideration Transferred, Contingent Consideration | $ 5,000,000 | |
Alaska Gold Torrent, LLC [Member] | Production Threshold, Two [Member] | Common Stock [Member] | ||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 5,000,000 | |
Alaska Gold Torrent, LLC [Member] | Promissory Note Issued with AGT Acquisition [Member] | ||
Asset Acquisition, Consideration Transferred, Liabilities Incurred | $ 6,250,000 |
Note 10 - Property & Equipmen_2
Note 10 - Property & Equipment - Fixed Assets (Details) - USD ($) | 6 Months Ended | |
Dec. 31, 2021 | Jun. 30, 2021 | |
Less: Accumulated depreciation and amortization | $ (13,715) | |
Property & Equipment, net | 13,628,324 | 36,531 |
Mining Properties and Mineral Rights [Member] | ||
Property, plant and equipment, gross | 11,700,726 | 0 |
Land [Member] | ||
Property, plant and equipment, gross | 87,737 | 0 |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | $ 1,455,546 | 0 |
Building and Building Improvements [Member] | Minimum [Member] | ||
Estimated useful life (Year) | 20 years | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Estimated useful life (Year) | 39 years | |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | $ 287,635 | 0 |
Machinery and Equipment [Member] | Minimum [Member] | ||
Estimated useful life (Year) | 3 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Estimated useful life (Year) | 10 years | |
Vehicles [Member] | ||
Property, plant and equipment, gross | $ 96,791 | 25,721 |
Estimated useful life (Year) | 5 years | |
Computer and Office Equipment [Member] | ||
Property, plant and equipment, gross | $ 11,334 | 10,810 |
Estimated useful life (Year) | 5 years | |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | $ 2,270 | $ 0 |
Estimated useful life (Year) | 5 years |
Note 11 - Related Party Trans_2
Note 11 - Related Party Transactions (Details Textual) - USD ($) | Jun. 18, 2021 | Sep. 30, 2020 | Sep. 29, 2020 | Sep. 23, 2020 | Nov. 20, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Apr. 16, 2018 |
Proceeds from Issuance of Common Stock, Net | $ (43,560) | $ 3,165,622 | ||||||
Contango Minerals [Member] | Contango Minerals Royalty Agreement [Member] | ||||||||
Overriding Royalty Interest | 2.00% | |||||||
Contango Minerals [Member] | Contango Minerals Royalty Agreement [Member] | ALASKA | ||||||||
Overriding Royalty Interest | 3.00% | |||||||
Net Smelter Returns Royalty Interest, Percent | 1.00% | |||||||
Contango Minerals [Member] | Separation Agreement [Member] | ||||||||
Net Smelter Returns Royalty Interest, Percent | 1.00% | |||||||
The Joint Venture Company [Member] | Separation Agreement [Member] | ||||||||
Net Smelter Returns Silver Royalty, Percent | 28.00% | |||||||
Royal Gold [Member] | ||||||||
Percentage of Issued and Outstanding Shares of Common Stock | 0.00% | 11.90% | ||||||
The Joint Venture Company [Member] | ||||||||
Equity Method Investment, Ownership Percentage | 30.00% | 30.00% | 30.00% | |||||
The Joint Venture Company [Member] | KG Mining [Member] | ||||||||
Sale of Equity Method Investment, Prepayment of Reimbursement | $ 1,200,000 | |||||||
Royal Alaska LLC [Member] | KG Mining [Member] | ||||||||
Equity Method Investment, Ownership, Shares (in shares) | 809,744 | |||||||
Private Placement [Member] | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 523,809 | 247,172 | ||||||
Shares Issued, Price Per Share (in dollars per share) | $ 21 | $ 13.25 | ||||||
Proceeds from Issuance of Common Stock | $ 11,000,000 | |||||||
Proceeds from Issuance of Common Stock, Net | $ 10,900,000 | |||||||
Stock Issued During Period, Shares, Treasury Stock Reissued (in shares) | 32,874 | |||||||
Proceeds from Issuance of Private Placement | $ 3,300,000 | |||||||
Proceeds from Issuance of Private Placement, Net of Issuance Costs | 3,200,000 | |||||||
Payments of Stock Issuance Costs | $ 50,000 | |||||||
Private Placement [Member] | Petrie Partners Securities, LLC [Member] | ||||||||
Private Placement Fee, Percentage | 3.25% | |||||||
Payments of Stock Issuance Costs | $ 50,000 | |||||||
JEX [Member] | ||||||||
Management Services Agreement, Fee Per Month | $ 10,000 | |||||||
JEX [Member] | Expense for Office Space and Equipment [Member] | ||||||||
Management Services Agreement, Fee Per Month | $ 6,900 | |||||||
Chief Executive Officer [Member] | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 75,472 | |||||||
Stock Issued During Period, Value, New Issues | $ 1,000,000 | |||||||
Percentage of Ownership Interest Acquired by Related Party | 2.20% | |||||||
Chief Executive Officer [Member] | Private Placement [Member] | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 47,619 | |||||||
Stock Issued During Period, Value, New Issues | $ 1,000,000 | |||||||
Kinross [Member] | The Joint Venture Company [Member] | ||||||||
Equity Method Investment, Ownership Percentage by Other Owner | 70.00% | |||||||
Royal Gold [Member] | Common Stock [Member] | ||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 26 | |||||||
Percentage of Ownership Interest Acquired by Related Party | 13.60% |
Note 12 - Stock-based Compens_3
Note 12 - Stock-based Compensation (Details Textual) - USD ($) | Nov. 11, 2021 | Aug. 16, 2021 | Jan. 06, 2021 | Dec. 11, 2020 | Dec. 01, 2020 | Jan. 09, 2020 | Jan. 06, 2020 | Nov. 14, 2017 | Dec. 31, 2020 | Nov. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | Nov. 13, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 300,000 | 100,000 | 100,000 | 100,000 | 100,000 | |||||||||||
Share-based Payment Arrangement, Expense | $ 1,256,309 | $ 1,009,900 | $ 2,278,160 | $ 1,902,058 | ||||||||||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | 4,187,906 | $ 4,187,906 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 3 years 7 days | |||||||||||||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 6,588 | $ 6,588 | ||||||||||||||
President and CEO [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 100,000 | |||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 14.50 | |||||||||||||||
Restricted Stock [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 528,167 | 528,167 | ||||||||||||||
Restricted Stock [Member] | Share-based Payment Arrangement, Employee [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 10,000 | 10,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 10,000 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||||||||||||
The 2010 Plan [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 500,000 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 2,000,000 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 100,000 | 100,000 | 100,000 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 0 | 0 | 0 | 0 | ||||||||||||
The 2010 Plan [Member] | Restricted Stock [Member] | Executives and Non-executive Directors [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 123,500 | 158,000 | 158,000 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 123,500 | 162,500 | 158,000 | |||||||||||||
The 2010 Plan [Member] | Restricted Stock [Member] | President and Chief Executive Officer [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 37,500 | 37,500 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 75,000 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 37,500 | |||||||||||||||
The 2010 Plan [Member] | Restricted Stock [Member] | Two Employees [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 20,000 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||||||||||||
The 2010 Plan [Member] | Restricted Stock [Member] | Chief Executive Officer [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 199,167 | 199,167 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 23,333 | 23,333 |
Note 12 - Stock-based Compens_4
Note 12 - Stock-based Compensation - Summary of Stock Options (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Outstanding balance (in shares) | 100,000 | |||
Outstanding balance (in shares) | 100,000 | 100,000 | ||
The 2010 Plan [Member] | ||||
Outstanding balance (in shares) | 100,000 | |||
Outstanding, weighted average exercise price (in dollars per share) | $ 14.50 | |||
Granted (in shares) | 0 | |||
Exercised (in shares) | 0 | 0 | 0 | 0 |
Forfeited (in shares) | 0 | |||
Outstanding balance (in shares) | 100,000 | 100,000 | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 14.50 | $ 14.50 | ||
Aggregate intrinsic value, outstanding | $ 874,000 | $ 874,000 | ||
Exercisable, end of the period (in shares) | 50,000 | 50,000 | ||
Aggregate intrinsic value, exercisable | $ 437,000 | $ 437,000 | ||
Available for grant, end of period (in shares) | 127,427 | 127,427 | ||
Weighted average fair value per share of options granted during the period (in dollars per share) | $ 0 |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Details Textual) | Aug. 24, 2021USD ($)oz | Dec. 31, 2020USD ($) | Dec. 11, 2020shares | Jun. 10, 2020USD ($) | Jul. 15, 2012USD ($) | Dec. 31, 2020USD ($)shares | Jul. 31, 2008USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Feb. 06, 2020USD ($) | Feb. 28, 2019USD ($) |
Contingent Salary and Compensation, Retention Agreement | $ 1,500,000 | ||||||||||
Chief Executive Officer [Member] | |||||||||||
Contingent Salary and Compensation, Retention Agreement | $ 350,000 | $ 1,000,000 | |||||||||
Short Term Incentive Plan, Minimum Performance Target, Payout, Percentage of Base Salary | 25.00% | ||||||||||
Short Term Incentive Plan, All Performance Goals, Payout, Percentage of Base Salary | 100.00% | ||||||||||
Short Term Incentive Plan, Maximum Performance Target, Payout, Percentage of Base Salary | 200.00% | ||||||||||
Short Term Incentive Plan, Payout, Percentage Cash | 50.00% | ||||||||||
Short Term Incentive Plan, Payout, Percentage Restricted Stock | 50.00% | ||||||||||
Short Term Incentive Plan, Change of Control, Percentage of Base Salary | 200.00% | ||||||||||
Short Term Incentive Plan, Change of Control, Maximum Period of Payment (Day) | 30 days | ||||||||||
Short-term Incentive Plan, Compensation Expense, Cash Bonus | $ 350,000 | ||||||||||
Chief Executive Officer [Member] | Restricted Stock [Member] | The 2010 Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 23,333 | 23,333 | |||||||||
Chief Executive Officer [Member] | Restricted Stock [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||||||||
Chief Executive Officer [Member] | Restricted Stock [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | ||||||||||
Chief Financial Officer [Member] | |||||||||||
Contingent Salary and Compensation, Retention Agreement | $ 250,000 | ||||||||||
Production Threshold, One [Member] | Alaska Gold Torrent, LLC [Member] | |||||||||||
Asset Acquisition, Contingent Consideration Arrangements, Production Threshold, Mineral Resource (Ounce) | oz | 500,000 | ||||||||||
Asset Acquisition, Contingent Consideration Arrangements, Production Threshold, Output, Gold (Ounce) | oz | 30,000 | ||||||||||
Gold to Silver Ratio | 1:65 | ||||||||||
Asset Acquisition, Consideration Transferred, Contingent Consideration | $ 5,000,000 | ||||||||||
Production Threshold, One [Member] | Alaska Gold Torrent, LLC [Member] | Common Stock [Member] | |||||||||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | $ 3,750,000 | ||||||||||
Production Threshold, Two [Member] | Alaska Gold Torrent, LLC [Member] | |||||||||||
Asset Acquisition, Contingent Consideration Arrangements, Production Threshold, Mineral Resource (Ounce) | oz | 1,000,000 | ||||||||||
Asset Acquisition, Contingent Consideration Arrangements, Production Threshold, Output, Gold (Ounce) | oz | 60,000 | ||||||||||
Gold to Silver Ratio | 1:65 | ||||||||||
Asset Acquisition, Consideration Transferred, Contingent Consideration | $ 5,000,000 | ||||||||||
Production Threshold, Two [Member] | Alaska Gold Torrent, LLC [Member] | Common Stock [Member] | |||||||||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 5,000,000 | ||||||||||
Tetlin Lease [Member] | |||||||||||
Inception-to-date Payments to Reduce Royalty Rate | $ 225,000 | $ 225,000 | |||||||||
Decrease in Royalty Rates | 0.75% | 0.75% | |||||||||
Tetlin Lease [Member] | Scenario 1 [Member] | |||||||||||
Increase in Royalty Rates | 0.25% | 0.25% | |||||||||
Payment that Lessor May Pay to Lessee to Increase Royalty Rate | $ 150,000 | ||||||||||
Tetlin Lease [Member] | Scenario 2 [Member] | |||||||||||
Increase in Royalty Rates | 0.50% | 0.50% | |||||||||
Payment that Lessor May Pay to Lessee to Increase Royalty Rate | $ 300,000 | ||||||||||
Tetlin Lease [Member] | Scenario 3 [Member] | |||||||||||
Increase in Royalty Rates | 0.75% | 0.75% | |||||||||
Payment that Lessor May Pay to Lessee to Increase Royalty Rate | $ 450,000 | ||||||||||
Tetlin Lease [Member] | Minimum [Member] | |||||||||||
Advance Royalties to Be Paid Per Year | $ 75,000 | $ 50,000 | |||||||||
Tetlin Lease [Member] | The Joint Venture Company [Member] | |||||||||||
Contractual Annual Exploration Costs | $ 350,000 | ||||||||||
Tetlin Lease [Member] | The Joint Venture Company [Member] | Minimum [Member] | |||||||||||
Royalty Rate | 3.00% | 2.25% | 2.25% | ||||||||
Tetlin Lease [Member] | The Joint Venture Company [Member] | Maximum [Member] | |||||||||||
Royalty Rate | 5.00% | 4.25% | 4.25% | ||||||||
Tetlin Lease and Certain Other Properties [Member] | |||||||||||
Annual Claim Rentals | $ 478,650 | $ 478,650 | |||||||||
Tetlin Lease and Certain Other Properties [Member] | The Joint Venture Company [Member] | Royal Gold [Member] | |||||||||||
Overriding Royalty Interest | 3.00% | 3.00% | |||||||||
Lucky Shot Prospect [Member] | Alaska Gold Torrent, LLC [Member] | |||||||||||
Asset Acquisition, Exploration Expenditures, Requirement, Minimum Amount During 36 Months Period | $ 10,000,000 | ||||||||||
Additional Properties [Member] | The Joint Venture Company [Member] | Royal Gold [Member] | |||||||||||
Overriding Royalty Interest | 2.00% | 2.00% | |||||||||
Net Smelter Returns Silver Royalty, Percent | 28.00% | 28.00% | |||||||||
Net Smelter Returns Royalty Interest, Percent | 1.00% | 1.00% |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Expense (Benefit), Total | $ 0 | $ (571,901) | $ 0 | $ 1,834,925 |
Current Federal Tax Expense (Benefit) | $ 1,300,000 | |||
Effective Income Tax Rate Reconciliation, Percent, Total | 0.00% | 5.71% | ||
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 | $ 0 | $ 0 |
Alaska Department of Revenue [Member] | ||||
Current State and Local Tax Expense (Benefit) | $ 0.5 |
Note 15 - Subsequent Events (De
Note 15 - Subsequent Events (Details Textual) - USD ($) | Feb. 02, 2022 | Jan. 01, 2022 | Aug. 16, 2021 | Dec. 11, 2020 | Jan. 31, 2022 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Payment, Tax Withholding, Share-based Payment Arrangement | $ 69,307 | $ 0 | ||||||
Restricted Stock [Member] | Share-based Payment Arrangement, Employee [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 10,000 | |||||||
Chief Executive Officer [Member] | ||||||||
Short-term Incentive Plan, Compensation Expense, Cash Bonus | $ 350,000 | |||||||
Chief Executive Officer [Member] | Restricted Stock [Member] | The 2010 Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 23,333 | 23,333 | ||||||
Subsequent Event [Member] | Restricted Stock [Member] | Share-based Payment Arrangement, Employee [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 12,000 | |||||||
Subsequent Event [Member] | Chief Executive Officer [Member] | ||||||||
Short-term Incentive Plan, Compensation Expense, Cash Bonus | $ 300,000 | |||||||
Subsequent Event [Member] | Chief Executive Officer [Member] | Restricted Stock [Member] | The 2010 Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 15,000 | |||||||
Subsequent Event [Member] | Director [Member] | Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 160,000 | |||||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 60,100 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Intrinsic Value, Amount Per Share (in dollars per share) | $ 25.60 | |||||||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 1,500,000 |